It's game on in Forest Lodge as terrace sells for $229,000 over reserve

What do you get with a strong call-man, eccentric agent and 17 professional players? Bloody good auction game.

A two-bedroom, renovated double-storey terrace with no parking in the inner west was one of 263 Sydney auctions scheduled over the October long weekend. With 187 of the results in by Saturday evening, Domain Group put the clearance rate at 76.6 per cent.

Prior to the highly anticipated AFL and NRL grand finals, another hot match was contested in Forest Lodge.

The 174 square metre property at 11 Junction Street fetched $229,000 over reserve. It sold for $1,404,000 to a Strathfield IT professional, who beat out young doctors, lawyers and young families.

Ee Real Estate agent, Poh Ling Ee, (AKA Ee for “double ‘e’xcellent”) had 100 groups inspect and issued 25 contracts during the campaign. 

Mid pre-auction spiel, Ee called out “Let’s Go!” winding up Graeme Hennessy from Premier Property Auctions to get the ball rolling. Laughter from the 50-strong crowd arose across the quiet street as a confident young woman in a black leather jacket stepped forward to place a first bid of $1,155,000. Going up in $10,000 and $5000 increments, she was tackled to the ground by a young Camperdown couple.

The Paddington underbidder started running at $1.24 million, taking on the couple with quick $5000 bids. It was called once at $1.38 million when the new owner flew in from sidelines, bidding a $1000 extra.

Stalling at $1,397,000, the new owner bid $1.4 million and the underbidders stretched themselves $1000 by $1000 until the end, with Mr Strathfield winning the prize. Flanked by his parents, all three wanted to remain anonymous.

“We never expected that price; there’s no stock, the buyers have been around for a long time and they just wanted to get in,” Ee said.

“I feel sorry for the underbidders; that’s always the hardest part for me to accept; there’s only one that will win. 

“I wish I had more houses to sell as I have 16 buyers left. If people sell now, they will have no choice but to do well.

“Most fell off at $1.2 million; everyone loved the floor plan, the double bedrooms both with balconies, big modern bathroom and lots of storage.

“Forest Lodge has come up in price quite a lot. It was considered only a shadow behind Glebe, but since prices have come up there, they have been buying here for more value.”

Melbourne vendor David Fisher, who flew up for the auction, said the result was “very pleasing”. He purchased the terrace as an investment in 2011 for $860,000 and rented it out for $790 a week.

Looking dapper in a navy blazer and camel Panama hat he said: “It’s a very simple process to have an interstate investment when you have a good agent.”